PFF Group appointed Howard Smith and Richard Harrison from Interpath as joint administrators. Subsequently, they facilitated the sale of the business and its assets.
This strategic deal secures the jobs of 239 employees at PFF Group, which operates its head office in Keighley, West Yorkshire, alongside an innovation center in Sedgefield, Stockton-on-Tees. PFF Group specializes in manufacturing recyclable rigid plastic food-grade packaging.
According to Interpath, inflationary pressures and a decline in consumer demand across the packaging sector hindered the firm’s ability to sustain working capital. Therefore, after pursuing an accelerated M&A process, the directors opted to appoint administrators when a solvent solution proved elusive.
In an expeditious manner, the business was sold to Coppice, an international packaging group, which aims to support its customer base and foster growth moving forward.
As part of this acquisition, all 239 staff members have transitioned to Coppice, which services the food manufacturing, processing, baking, wholesale, institutional catering, and non-food markets.
Derek Nixon, CEO of the Coppice Group, stated: “This acquisition marks a significant milestone for us as a business and reinforces our commitment to driving sustainability in the packaging sector. PFF’s portfolio of packaging solutions, particularly in the food and healthcare sectors, technical expertise, and customer relationships are highly complementary to our business, and we’re excited about the opportunities this integration will bring.”
“We’re committed to working with all the team at PFF to continue our mission to disrupt the packaging market and bring comprehensive solutions, flexibility, service, and innovation to our customers.”
Rob Atkin, Managing Director of PFF Group, remarked: “We’re incredibly passionate about what we do and have this opportunity to take the business forward into a new chapter as part of Coppice, which has shown remarkable organic and acquisitive growth in recent years. We look forward to joining the team, which will create new collaboration and innovation opportunities, and continue our commitment to supporting customers with quality, sustainable products that meet their evolving requirements.”
